You Can Stop A Lender From Repossessing Your Car Or Other Property
The threat of watching your car being hauled away by the “repo-man” is quite serious. You need your car to get to work so you can pay your car loan. A lender has the right to repossess any property that is secured by a loan. However, you have the right to stop the repossession by filing for bankruptcy.
At Lefkovitz & Lefkovitz, we have stopped repossession of cars, motorcycles and various other properties for thousands of people in Nashville and the surrounding areas. We are accustomed to dealing with Tennessee lenders and the tactics they may use to repossess your property. Our attorneys will help you find a solution to your financial woes and get a fresh start in your financial life.
How Does Filing Bankruptcy Stop My Car From Being Repossessed?
You have secured debt if you have used the property in danger of being repossessed as collateral on the loan. (This is common in car loans and mortgages.) This means the lender can take the property back if you don’t make regular payments.
Filing Chapter 7 bankruptcy can stop the repossession of your car. However if you want to keep the car, you have to make a choice as to how you will resolve the debt:
- Repay the full amount of the loan or negotiate a lesser value with the lender
- Reaffirm your debt with the lender in order to keep your car
- Voluntary repossession, where you choose to surrender your car to the lender in trade for the loan being wiped out
We will recommend the best option that will help you keep your car.
If you want to keep your property and pay back what you owe, but can’t do it all at once, Chapter 13 bankruptcy may be a good option. This allows you to pay back overdue payments on secured loans, like car loans and mortgages, over a three- or five-year period.
Our lawyers look at your options for holding onto your property. We discuss your goals with you and determine which form of bankruptcy will be best for you based on your desired outcome. If bankruptcy isn’t your best option, we will tell you so and find a solution that works for you.
Don’t Let Your Creditors Take Everything
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.